Martin Young3 hours agoHong Kong virtual bank Mox Bank launches crypto ETF tradingThe Standard Chartered subsidiary says it"s the first bank of its kind to offer spot Bitcoin and Ether ETF trading to customers.2404 Total views4 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onA virtual bank based in Hong Kong has launched crypto exchange-traded fund trading for its customers and is eyeing potential expansion into spot trading markets.
On Aug. 7, Mox, a virtual bank subsidiary of Standard Chartered, announced the launch of a crypto ETF service becoming the first bank of its kind to offer direct trading of spot Bitcoin and Ether ETFs on its platform.
The bank also plans to expand its crypto offerings, including allowing direct purchases and trading of crypto assets in the future through a partnership with a licensed exchange.
Mox is positioning itself as a cost-effective option for crypto ETF trading, charging 0.12% of transaction volume with a minimum of $3.85 (30 Hong Kong dollars) for Hong Kong-listed spot and derivatives ETFs and 0.01% per share with a minimum of $5 for US-listed derivatives ETFs.
Spot crypto ETFs were approved and began trading in Hong Kong on April 30 as part of the country’s efforts to position itself as a crypto hub for the Far East.Crypto ETF announcement. Source: Mox
Additionally, the digital bank, which launched in September 2020, reports that 28% of its customers are already invested in crypto, with 18% of those being active crypto traders.
Mox CEO, Barbaros Uygun, said that the digital bank has a vision of building a global benchmark from Hong Kong by “staying ahead of the competition by being innovative and responsive to changing markets,” before adding:“Adding Crypto ETFs to the Mox Invest platform empowers our customers to gain access to emerging asset classes with confidence,”
Meanwhile, Jayant Bhatia, the bank’s chief product officer, told the South China Morning Post that the crypto ETF launch “is just the start of what Mox intends to offer in the crypto investing space,” but did not elaborate on when crypto trading services would be launched.
Cointelegraph contacted Mox for more details but did not receive an immediate response.
Related:Hong Kong to launch Asia’s first inverse Bitcoin ETF
The three Hong Kong spot ETF issuers, Bosera HashKey, ChinaAMC, and Harvest Global, have struggled to gain traction for their products since launching three months ago.
According to data from CoinGlass, there have been zero flows for the three ETFs in August, and the total assets under management combined is just $236.3 million to date.
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